84th Texas Legislature, Regular Session, House Bill 114, Chapter 991 Page: 1 of 16
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Chapter 991
H.B. No. 114
1 AN ACT
2 relating to the issuance of certain capital appreciation bonds by
3 political subdivisions.
4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
5 SECTION 1. Subchapter B, Chapter 1201, Government Code, is
6 amended by adding Section 1201.0245 to read as follows:
7 Sec. 1201.0245. CAPITAL APPRECIATION BONDS BY POLITICAL
8 SUBDIVISIONS. (a) In this section, "capital appreciation bond"
9 means a bond that accrues and compounds interest from its date of
10 delivery, the interest on which by its terms is payable only upon
11 maturity or prior redemption.
12 (b) A county, municipality, special district, school
13 district, junior college district, or other political subdivision
14 may not issue capital appreciation bonds that are secured by ad
15 valorem taxes unless:
16 (1) the bonds have a scheduled maturity date that is
17 not later than 20 years after the date of issuance;
18 (2) the goVerning body of the political subdivision
19 has received a written estimate of the cost of the issuance,
20 including:
21 (A) the amount of principal and interest to be
22 paid until maturity;
23 (B) the amount of fees to be paid to outside1
24 vendors, including vendors who sell products to be financed by the
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Texas. Legislature. House of Representatives. 84th Texas Legislature, Regular Session, House Bill 114, Chapter 991, legislative document, June 19, 2015; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth705270/m1/1/: accessed April 23, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.